THE DAILY ENCRYPT

October 3, 2022
What is the Metaverse?

The metaverse is a digital world that incorporates elements of online gaming, social media, augmented real (AR) and virtual reality (VR) to allow users to interact virtualy. Augmented reality overlays real-world elements with sound and visual elements to enhance the user’s experience. Virtual reality, on the other hand, is completely virtual and enhances fictional realities.

Actually, Neal Stephenson, a science fiction author, coined the term “metaverse” in his 1992 novel Snow Crash. In it, software agents and human avatars interact in a three-dimensional virtual world.

The metaverse will likely grow and create online spaces that allow for multidimensional interactions. The metaverse will enable users to see digital content in an online space that is more multidimensional than current technology supports.

Meta and the Metaverse
Mark Zuckerberg spoke with Casey Newton in July 2021 about the metaverse and the changes that he envisaged for Facebook. Then, rumors started to swirl around mid-October 2021 about a Facebook redesign. This would include a new name and a complete rebranding of the site. It was meant to reflect the company’s commitment towards the metaverse. The Verge was told by unnamed sources that an announcement would be made soon. 4

Meta is a long-time advocate of the metaverse. In an Oct. 17, 2021 press release, stated that the metaverse “a new phase in interconnected virtual experiences using technologies such as virtual and augmented reality.” It is based on the belief that interacting online can be made more real by creating a sense of “virtual presence”. “2

As investors and companies seek to be part the next big thing, interest in the metaverse will increase. The metaverse will be “a major focus of Facebook’s”, Zuckerberg stated to technology website The Verge. It’s also going to be the next major chapter for our company. We are doubling down on this area. “4

The metaverse is a concept that advocates see as the next step in the development of the Internet. Meta, for instance, has invested heavily in AR/VR hardware, such as Oculus VR headsets. Meanwhile, AR glasses and wristband technologies have been in development. According to The Verge, Facebook will “effectively transition from being primarily a social media company to becoming a metaverse company over the next several decades.” “63

Take Note
Many sci-fi movies, books, and television shows are set in metaverses, digital worlds that are indistinguishable to the real world. These sci-fi metaverses often depict dystopian worlds. Many of Zuckerberg’s contemporaries worry that the “next-gen Internet”, the sci-fi metaverse, could become a dystopian nightmare.

Niantic, a software developer, is best known for its augmented reality mobile games Ingress (and Pokemon Go). John Hanke, Niantic’s CEO, stated in a blog post that “a lot of people these days seem interested in bringing the near-future vision for a virtual realm to life. This includes some of the most prominent names in gaming and technology.” These novels were warnings of a dystopian future if technology goes wrong. “78

As more people work remotely and have been working from home, the COVID-19 pandemic has accelerated interest in metaverse. There are worries that the metaverse could make it easier for people to live apart, even in post-COVID-worlds. 1

Hanke stated, “We believe technology can be used to lean into the reality’ of augmented realities–encouraging everybody, ourselves included to stand up, walk outdoors, and connect with people around us… Technology should not be used to replace these core human experiences. “7

What is the Metaverse exactly?
Meta describes the metaverse as “a collection of virtual spaces that you can explore and create with people who are not in the same physical space.” 5 Although metaverse technology is still years away, it will eventually become a place where people can interact, work, learn, create, shop and share their experiences. 1

What is the difference between AR and VR?
Augmented reality is the overlaying of visual elements, sounds, and other sensory stimuli onto real-world settings to enhance the user’s experience. AR can be accessed via a smartphone. Users can also control their presence in real-world settings. VR requires a headset device and the user is controlled by it. 10

Is Meta the Metaverse?
Meta is not responsible for the development of the metaverse. It has no creator or definition. Meta is not responsible for developing the metaverse. It has no creator or definition.

How do I invest in the Metaverse
You have many options for investing in the metaverse. You can buy and invest cryptocurrency. Or you could invest in companies that work in areas of the metaverse like Meta or Niantic.

Key points

  • The metaverse is a virtual shared environment that can be accessed via the Internet.
  • Cryptocurrency is a part of the metaverse.
  • In the metaverse, technologies like VR and AR are combined to create a feeling of “virtual presence.”
  • Mark Zuckerberg, CEO of Meta (formerly Facebook), believes that augmented reality glasses can eventually become as popular as smartphones.
  • Meta announced in October 2021 plans to create 10,000 high-skilled jobs within the European Union to help shape metaverse. 1
  • How does the Metaverse work?
  • The metaverse’s complexity makes it difficult to define. However, most technology experts agree that it is a large network of individuals who, through their avatars, can interact with each other and work together. They can also invest in currency and take classes. 1
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